Saturday, April 5, 2014

2014 Survey details the cost of Long-Term Care Services and Supports



Each year Genworth surveys nearly 15,000 long term care providers in 440 regions nationwide to determine the cost of various long-term care services. The resulting details informs consumers regarding the costs and can help them plan to meet their needs in their preferred location and care setting. 
This past week Genworth issued its survey report for 2014.  
What is Long-Term Care
Long-term care refers to the types of assistance you may need if you have a prolonged physical illness, disability or severe cognitive impairment (such as Alzheimer’s disease) that keeps you from living independently. These limitations may prevent you from carrying out basic self-care tasks, such as bathing, dressing or eating, called Activities of Daily Living (ADLs). And you may need assistance with Instrumental Activities of Daily Living (IADLs), including meal preparation, money management, house cleaning, medication management, and transportation.
About 70 percent of people age 65 or older will need long-term care services and supports at some point in their lifetime.
Unfortunately, the costs of long-term care services and supports are typically not covered by Medicare or other health insurance. It can easily bankrupt the recipient and destroy a family's financial security. [Of course, the impacts of long-term care extend far beyond dollars, affecting the careers, personal and emotional lives of caregivers. See the related Genworth Report: Beyond Dollars for more on these impacts.]
The Genworth survey and related resources provide both national and local cost of care information that can help families understand, prepare for, and perhaps limit the potentially catastrophic impacts of long-term care.
Care Costs for Williamsport and Wilkes-Barre/Scranton/Hazleton
Long-term care is provided in a variety of settings. Costs vary by setting and by location. The Genworth survey provides a list of costs incurred in various settings in each state. The methodology used is described here.
A separate cost of care resource can be used to dig down into costs on a local basis. In Pennsylvania, Williamsport and Scranton-Wilkes-Barre-Hazleton are placed in separate regions. The median annual costs for various services in Williamsport and the Scranton-Wilkes-Barre-Hazleton areas are as follows:
Homemaker Services
$43,472 Williamsport
$43,472 Scranton-Wilkes-Barre-Hazleton
Home Health Aide Services
$43,472  Williamsport
$45,760  Scranton-Wilkes-Barre-Hazleton
Adult Day Health Care
$26,125 Williamsport
$16,900 Scranton-Wilkes-Barre-Hazleton
Assisted Living Facility
$35,280 Williamsport
$27,360 Scranton-Wilkes-Barre-Hazleton
Nursing Home (semi-private room)
$100,624 Williamsport
$96,725   Scranton-Wilkes-Barre-Hazleton
Nursing Home (private room)
$108,624 Williamsport
$99,280   Scranton-Wilkes-Barre-Hazleton
Facility based costs continue to increase more rapidly than home care costs. This has been a long-term trend. But costs for both facility and home care are staggering. 
Planning, preparation, and expert assistance are more important than ever. Pennsylvania residents can meet with an elder law attorney at Marshall, Parker and Weber to set up a plan that will help protect you and your family.
In addition, Marshall, Parker and Weber offers life care planning services that helps Pennsylvania families find and finance the care they need. Contact certified elder care coordinator Karen Griswold for more information on how life care planning can benefit your family.

3 comments:

topomyhead said...

Jeff, you say, "About 70 percent of people age 65 or older will need long-term care services and supports at some point in their lifetime." Other sources say the percentage is 40. What does that mean? Assuming that a 30-something like you achieves 65, won't he or she have the same likelihood of needing LTC? It would be as true to say that 70 percent of the population without regard to age will need LTCSS at some point in life.

I see these statements in long-term care insurance literature all the time, but I think the assertion is essentially meaningless.

Jeff Marshall said...

John, according the U.S. Department of Health and Human Services “70% of people turning age 65 can expect to use some form of long-term care during their lives. There are a number of factors that affect the possibility that you will need care: . . .” See, http://longtermcare.gov/the-basics/who-needs-care/

I guess you can phrase it differently. But it makes sense to me that the risk of needing long term care increases with age. I would think that someone who has survived to age 95 would have a greater likelihood of needing long term care during their remaining life than someone who is currently a teenager. But I cannot cite any authority for that assumption.

There was a fascinating paper published a while back (2005) titled “Long-Term Care Over an Uncertain Future: What Can Current Retirees Expect?” It analyzes the need for care of people turning age 65 with lots of details on the projected risks including length of care, situs, financing, etc. Here is a link to the paper for anyone who wants to dig down more - http:// on 2014 Survey details the cost of Long-Term Care Services and Supports

Misses Leach said...

Hi Jeff, I am hoping you may be able to answer a question regarding appointment of a POA. I am currently a resident of Oregon, going through a divorce in Pennsylvania, where my husband lives and filed. I am disabled. The marriage was in Pennsylvania, and I moved away due to the stress and abuse I suffered. Do you know if I should obtain a POA in Oregon or Pennsylvania? I feel I need one to protect my interests financially in the divorce, in case I become unable to do so.